The advent of the COVID-19 pandemic in 2020 has made the need for molecular point-of-care (mPOC) technologies, such as testing for strep throat, HPV, tuberculosis and more, have further driven demand from the clinical and medical sectors. As a result, more companies are offering related products to fulfill end-user demand.
In January 2021, Kalorama Information released its “The Market and Potential for Molecular Point of Care 2021” report, which provides an overview of the current market situation for both the mPOC and near-patient molecular system sectors, but focuses on the former. The report details the market outlook and trends as well as end-user applications. Additionally, the report highlights the leading vendors offering mPOC technologies, including Abbott Laboratories, Meridian Bioscience, QIAGEN and Roche. For the report, Kalorama utilized secondary research such as quarterly financial reports and company earnings call.
According to the report, mPOC product sales were valued at $900 million last year and are forecast to decline at a high single-digit CAGR through 2025. The report notes that despite COVID-19-related applications being the main driver for both system and consumable sales, this surge will likely be temporary. Kalorama predicts after pandemic-related need will lessen and, end-user demand in the mPOC market will decrease to levels of prior forecasts.
Other challenges expected by Kalorama is a high cost per test and long turnaround times if mPOC tests are utilized for a high volume of testing. However, expected benefits include utilizing of newly installed mPOC systems that were originally used for COVID-19-related testing for testing of other viruses and infections. Specifically, Kalorama foresees diagnostic testing for respiratory infections, the flu and COVID-19 making up most of the market through 2025. Additionally, hospital-acquired infections and STI-related testing is seen as a potential revenue drivers.
Overall, the report concludes that the value of the mPOC market to drop after COVID-19-related activity decrease. Thereafter, Kalorama expects the sector to remain stable in the overall diagnostics testing market through 2025. Despite the uncertainty, the drivers that could boost the market are the investments various companies are making in developing mPOC products.